MIRA INFORM REPORT

 

 

Report Date :

04.05.2013

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIES CHIMQUES DU SENEGAL

 

 

Registered Office :

P.o. Box 3835 Dakar, Senegal West Africa

 

 

Country :

Senegal

 

 

Date of Incorporation :

1976

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

Line of Business :

Chemical production company

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Senegal

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SENEGAL - ECONOMIC OVERVIEW

 

Senegal relies heavily on donor assistance and foreign direct investment. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to an economic reform program backed by the donor community, which led to real growth in GDP averaging over 5% annually during 1995-2007. Annual inflation was pushed down to the single digits. The global economic downturn reduced growth to 2.2% in 2009. The IMF completed a non-dispursing, Policy Support Initiative program in 2010 and approved a new three-year policy support instrument in December 2010 to assist with economic reforms. Senegal also receives disbursements from a $540 million Millennium Challenge Account for infrastructure and agriculture development. In 2012, the economy began to rebound after a weak 2011. The economy continues to suffer from unreliable power supply, which has led to public protests and high unemployment and has prompted migrants to flee Senegal in search of better job opportunities in Europe

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

INDUSTRIES CHIMQUES DU SENEGAL

Trade Names:

ICS

Principal Address:

P.o. Box 3835 Dakar, Senegal West Africa

Telephone:

+221-33-9395000/8791000

Fax:

+221-33-9556160/8340814/8340509

Email:

icssenchim@ics.sn/icssg@ics.sn

Internet:

www.ics.sn

 

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

President/ CEO (1)

Name

Dr. U.S. Awasthi

Active in daily business:

Active

Current Title:

Chairman

Remarks

Top Decision Maker

 

Director (2)

Name

Mr. Pendurti Brahm Anandam

Active in daily business:

Active

Current Title:

Vice Chairman

 

Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.

 

 

NEGATIVE INFORMATION

 

No negative information found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Share Capital

Nominal Capital

CFA. 44,572,000,000

Paid in Capital

CFA. 44,572,000,000

Subscribed Capital

CFA. 44,572,000,000

Shareholders

Name

Position

   Amount  

       Ratio

Dr. U.S. Awasthi

Chairman

 

 

Mr. Pendurti Brahm Anandam

Vice Chairman

 

 

Mr. Alassane Diallo

MD

 

 

Mr. Oumar Sylla

Director

 

 

Mr. Gueye Kiffa

Director

 

 

Mr. Deepak Singhal

Director

 

 

Mr. Subramanyam Meenakshi Sundaram

Director

 

 

Mr. Manish Gupta 

Director

 

 

Mr. Ranjit Pendurthi

Director

 

 

Mr. Ravi Pendurthi

Director

 

 

Mr. Roshan Lal Arora

Director

 

 

Mr Seetharaman Ramachandran

Director

 

 

Government of India

Shareholder

 

0.46%

Government of Senegal

Shareholder

 

15.00%

IFFCO

Shareholder

 

18.54%

SENFER AFRCA

Shareholder

 

66.00%

Total

 

 

100.00%

 

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

30% in cash, 70% on 60 day credit

Selling terms

80% in cash, 20% on credit

 

 

Suppliers

Various machinery companies

Customers

Industries, firms and organizations

 

 

Recent Sales

CFA. 50,250,000,000  (2012 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

60.0%

Domestic Market Share

40.0%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

 

FINANCIAL INFORMATION

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = CFA. 499.81

 

 

ADDITIONAL INFORMATION

 

Established:

1976

Registration:

Senegal West Africa

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2012

 

 

 

 

200

 

 

 

Office & Factories

Head offices

Km 18, Route De Rufisque, Dakar, Senegal West Africa

Branches

Various in Senegal

Business Activities

Chemical production company

 

Business Premises

100,000 Sft

Type of occupation                                               

owned

Location 

The subject is located close to a major road network                      

Premises used as                                               

Offices, WorkShop

 

Banking relationship

Main Banks

Citibank Sénégal

 

 

NOTES & COMMENTS

 

--
 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.83.80

Euro

1

Rs.70.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)         Ownership background (20%)                   Payment record (10%)

Credit history (10%)                 Market trend (10%)                                 Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.